Non SBA Deal Financing
Summary
TLDRIn this video, David C Barnett discusses financing small business deals without the Small Business Administration (SBA) loans available in the US. He explores alternative financing options for Canadians, such as the Canada Small Business Financing Act and the British Business Bank's program. Barnett also outlines a general formula for structuring deals with or without bank involvement, emphasizing the importance of a solid equity position and manageable debt for sustainable business growth.
Takeaways
- π The discussion is focused on financing business deals without relying on the Small Business Administration (SBA) loans available only in the US.
- π¨π¦ Canadian businesses can utilize the Canada Small Business Finance Act Loan program for financing, which is backed by the government and has a cap of $500,000 for most businesses, with special conditions for real estate involvement.
- π The British Business Bank offers a similar program to the Canadian one, providing guarantees on loans up to Β£2 million, supporting various types of financing including term loans and asset-based lending.
- πΌ David C Barnett emphasizes that business financing typically involves four key components: capital or fixed assets, operating capital, goodwill, and a combination of leases, mortgages, and loans.
- π¦ Traditional bank financing often requires a 3:1 debt-to-equity ratio, meaning the business owner should have at least 25% equity in the business.
- π΅ Seller financing is crucial, especially for the intangible assets like goodwill, where the seller's agreement to finance a part of the deal is essential.
- π Personal guarantees and collateral are often required by banks to secure loans, which can be a deterrent for some business owners with substantial personal assets.
- π« The script warns against over-reliance on alternative financing due to higher costs and shorter amortization periods, which can lead to cash flow issues.
- π Barnett suggests that conventional financing can bring discipline to deal-making by requiring more equity investment, leading to better cash flow management.
- π The video promotes Barnett's book 'Buying vs. Starting a Small Business' and his online training courses as resources for learning more about business acquisition and management.
Q & A
What is the main topic of the video?
-The main topic of the video is financing business deals without the use of Small Business Administration (SBA) loans, specifically discussing alternatives available to Canadians and non-Americans.
Who is the host of the podcast, YouTube channel, and blog mentioned in the script?
-The host is David C Barnett.
What is the name of the special playlist created by David C Barnett for his business videos?
-The name of the special playlist is 'Get Into Business 101'.
What is the Canadian equivalent of the SBA loan program?
-The Canadian equivalent of the SBA loan program is the Canada Small Business Finance Act Loan program, administered by Industry Canada.
What is the maximum loan guarantee provided by the Canada Small Business Finance Act Loan program?
-The maximum loan guarantee provided by the Canada Small Business Finance Act Loan program is CAD 1 million, but the full amount is only available if real estate is involved in the business deal.
What is the role of the Business Development Bank of Canada (BDC) in financing business deals?
-The BDC is a government-owned bank that provides financing, often focusing on cash flow lending. It may work together with other banks to finance business deals.
What is the typical debt-to-equity ratio preferred by banks when financing business deals?
-Banks typically prefer a debt-to-equity ratio of 3:1, meaning they like to see the business owners have at least a 25% equity stake.
What does the term 'Goodwill' refer to in the context of business deals?
-In the context of business deals, 'Goodwill' refers to the intangible value of a business that is greater than the value of its tangible assets.
What are the four components of financing a business deal as outlined in the script?
-The four components of financing a business deal are leases and loans against capital or fixed assets, revolving credit related to operating capital, the business owner's cash contribution, and seller financing.
What is the significance of the 3:1 debt-to-equity ratio in business financing?
-The 3:1 debt-to-equity ratio signifies that for every dollar of debt, there should be at least 25 cents of equity. This ratio provides a buffer for the lender and indicates the level of risk the business owner is willing to take on.
What is the potential downside of alternative financing methods mentioned in the script?
-The potential downside of alternative financing methods is that they often come with higher costs, shorter amortization periods, and can lead to tight cash flow positions, which may result in the business failing to meet its financial obligations.
Outlines
π Financing Deals Without SBA Loans
David C Barnett discusses alternative financing strategies for small and medium-sized businesses, particularly for non-Americans who don't have access to the Small Business Administration (SBA) loans available in the US. He introduces the video series and his focus on helping people understand how to buy, sell, finance, and manage businesses with risk control. He highlights that while the SBA provides significant benefits, it's not the only option and that many deals are structured without it. He also mentions that the availability of credit can inflate business prices and points out the existence of similar programs in Canada and the UK.
π¦ Canadian and British Financing Options
The speaker elaborates on Canadian financing options, such as the Canada Small Business Finance Act Loan program, which provides government-backed loans for small businesses, with a cap of $500,000 for most businesses and $1,000,000 if real estate is involved. He also mentions the Business Development Bank of Canada (BDC), which focuses more on cash flow lending. He then draws a comparison with the British Business Bank's program, which offers guarantees up to Β£2 million per business group, and discusses the types of financing available, such as term loans and asset-based lending.
πΌ The Formula for Business Financing
David outlines the typical formula for financing a business acquisition, emphasizing the need to consider capital or fixed assets, operating capital, and goodwill. He explains that financing typically involves a combination of leases, mortgages, loans, revolving credit, and owner's equity. He also stresses the importance of having a certain equity stake in the business to secure bank financing, often a 3 to 1 debt-to-equity ratio, and how seller financing can cover the goodwill portion of a deal.
π΅ Seller Financing and Its Significance
The speaker discusses the role of seller financing in business deals, especially when traditional bank financing is not an option. He points out that seller financing often covers the goodwill portion of a business, which is the intangible value beyond its tangible assets. He also mentions that without bank involvement, the rules around debt-to-equity ratios and financing percentages no longer apply, allowing for more flexibility in deal structuring.
π¨ The Risks of Alternative Financing
David warns about the risks associated with alternative financing methods, which often come with higher costs and shorter amortization periods. He advises caution, as these deals can lead to tight cash flow situations and may not be sustainable. He also addresses the issue of survivorship bias in online content, noting that stories of failed deals are less frequently shared, and emphasizes the importance of having adequate equity and manageable debt for a successful business acquisition.
π Resources for Business Deal-making
In the concluding part, David invites viewers to engage with the content by commenting, sharing, and liking the video. He promotes his book 'Buying vs. Starting a Small Business' and encourages viewers to leave honest reviews. He also directs viewers to his website for more free content and mentions the sponsorship of the video by Mark Willis of Lak Growth Financial, who offers strategies for managing personal and business finances.
Mindmap
Keywords
π‘SBA Deals
π‘Financing
π‘Dealmaking
π‘Canada Small Business Finance Act Loan Program
π‘BDC
π‘Goodwill
π‘Operating Capital
π‘Equity
π‘Leverage
π‘Survivorship Bias
Highlights
Discussion on financing business deals without SBA loans
Introduction to David C Barnett's podcast and services
Overview of the summer video series on business financing
Funky bro's request for information on non-American business financing
Explanation of the Canada Small Business Finance Act Loan program
Availability of credit and its impact on business prices
Comparison of Canadian and American government loan programs
Role of the Business Development Bank of Canada (BDC) in financing
Introduction to the British Business Bank's financing program
General formula for financing a business deal without government programs
Importance of personal guarantees and collateral in conventional financing
The concept of a capital stack in business financing
Details on the four blocks of financing: leases, mortgages, loans, and revolving credit
Explanation of the role of owner's equity in financing
Seller financing as a component of the financing stack
The significance of a 3 to 1 debt to equity ratio in conventional financing
Alternative financing options when banks are not involved
Potential issues with alternative financing and high costs
The importance of considering 'day two' cash flow in deal making
Critique of the overemphasis on SBA loans in online content
The impact of survivorship bias on the perception of successful deals
Advice on maintaining discipline in deal making for long-term success
Information on David C Barnett's book and online training resources
Transcripts
people are tired about hearing about
these Americans and their SBA Deals they
want to know how to finance a deal
without the SBA that's what we're going
to be talking about today and if you are
an American don't turn it off uh there
is going to be lots of information for
you to take out of today's
video I'm David C Barnett and you're
tuned in to small business and
dealmaking the podcast YouTube channel
and blog where I talk about buying
selling financing and managing small and
mediumsized businesses while controlling
risk so if you're looking to take
control of your future through buying a
business one day or if you already own a
business and you're looking to grow or
exit you've come to the right place I
talk about interesting things I talk to
interesting people and I answer your
questions every week right here so be
sure to hit like and be sure to hit
subscribe and let's get to
it are you thinking of growing your
business or beginning a journey into
entrepreneurship take a shortcut to
success by buying an exist in and
profitable business the right way visit
business buer advantage.com and learn
more about my online training group
coaching and Consulting Services
designed to help you
win all right so over the course of the
summer of course I put out a whole video
series uh about uh get into business 101
is what it was called and we created a
special playlist for those videos in
we'll put a link to it in here one of
the videos that we put out number seven
was about
financing um and it was called get into
business episode get into business 101
episode 7 due diligence financing and
getting investors so uh somebody watched
that video let me scroll down here um
yeah it was funky bro 29 hey funky bro
thanks for tuning in says David can you
do a video on how Canadians or
non-americans structure deals without
the access to an SBA loan like they have
in the US a lot of research on deals is
usually done in the states where you
have access to the SBA loan yeah so true
a lot of the content being produced
about this small business space is all
about you know uh using the SBA loan
which is a great Tool uh that Americans
can take advantage of um for buying a
business in the US and and and that's
just one part of the SBA loan program
there's also uh all kinds of tools for
people that want to expand a business
buy buildings all that kind of stuff um
and so yeah lots of financing
flexibility um I I have also observed
directly that the availability of credit
also increases the prices of businesses
so we're not going to get into that
today so what we're going to get into
today is a conversation about how you do
deals without any kind of you know
government loan program now there there
is a government loan program for small
businesses in Canada and so it's called
the Canada small business finance act
Loan program uh it's administered by
industry Canada and basically what
happens is you go to a one of the large
Banks or a credit union in Canada even
some leasing companies are able to
access this program and the government
provides a back stop or guarantee to
those loans and so there's I I scroll
down the page here to the part that
talks about funding limits so basically
it allows a million
uh of loan guarantee opportunity but
really you can only get the full million
dollars if your deal involves real
estate so there has to be a piece of
property uh involved in the operating
business to take advantage of the
million dooll uh cap if there's no real
estate then effectively the program caps
out at 300 or sorry $500,000 is sort of
the cap and within that uh cap up to
150,000 can be used to finance in
tangible assets and working capital
costs so these would be Goodwill uh you
might also cover franchise fees in there
if you were using one of these loan
programs for uh a buying a franchise or
you know transfer fees for a franchise
or something like that um or it says
operating Capital working capital so um
there are uh banks that will issue uh
lines of credit for example they'll use
this program to back stop or guarantee
the line of credit so um and those
changes with the intangibles are fairly
recent just in the last couple of years
so so in Canada when people are doing
these deals a lot of the times when you
go to one of the major Banks and you
know there are six big banks in Canada
and a whole bunch of credit unions um
they will do a small business loan
they'll use this program to for an added
layer of guarantee now they also have to
undertake their normal underwriting
process and they have to try to secure
the loan as best they can so expect to
sign personal guarantees except expect
that they will put a lean on fixed
assets and various collateral Etc in
order to do this and
so in Canada you can buy a business you
can use this loan program the other big
financing Avenue that we have in Canada
is a special bank owned by the
government called the BDC and the BDC is
more of a cash flow lender uh they will
also do loans against like buildings and
stuff like that but they are the ones
who are going to consider sort of the
cash flow aspect and I have seen many
many many deals done in Canada where the
BDC and one of the big six Charter banks
are both doing some aspect of financing
the deal and they're actually working
together to divide up the financing for
the deal so we're going to get into a a
broader more general formula here for
financing but I just wanted to make sure
that you understood that U there are
these options available now now in my
research I also uh poked around some
other some other places and guess what
uh the British Business Bank is also
come on the scene with a program that
reads a lot like the Canada small
business finance act Loan program um and
there this is something that has just
literally come into force in July of
2024 and uh basically they're offering
guarantees through other British banks
that are going to be actually making the
loans and
they are saying that it's up to 2
million pounds per business group so
that's actually quite a higher limit
than the Canadian program uh considering
that a pound is worth more than a dollar
um and then it also says here um there's
sort of a variance here I guess for
Northern Northern Ireland but the
there's personal guarantees required
decision- making is delegated to the
lender um and they are going to support
term loans overdrafts asset Finance
invoice Finance asset-based Lending
facilities Etc so it sounds very similar
in that you know a lot of this is going
to be geared towards financing stuff
rather than financing you know Goodwill
or intangible value so what is then the
normal formula for putting together
financing when you're going to buy
buying a business and and you want to
kind of ignore all of these loan
guarantee programs we're going to kind
of take this in Broad strokes and and
here is where uh American you're also
going to want to listen because there
are all kinds of deals that are done in
the United States without SBA Loans and
people will offer often refer to them as
conventional financing uh setups for for
deal making and why would somebody want
to do that well the SBA loan program has
a couple of pretty specific requirements
in that you know there has to be
personal guarantees uh from the the
business person and if there is not
enough collateral in the business to
cover the entire loan then the you know
the SBA lender the bank doing the loan
has to put a lean on your home residence
your personal residence as well and so
if somebody um you know has a net worth
of 100 Grand and they want to borrow a
million bucks uh they usually don't care
that the personal guarantee and these
leans are applied to them because
they're they're they're getting so much
value out of that SBA loan program that
they you know they really are just
willing to sign everything up and and do
the deal for the opportunity of
acquiring the business but if you have a
net worth of $3 million and you have a
million dollars of equity in your home
free and clear and you're trying to do
an SBA loan for a million bucks you may
not want to sign all the personal
guarantees and let them put a lean on
your house especially because the SBA
loan is because it's a government
guaranteed loan program is at a certain
interest rate plus several points um
I've worked with many clients in the
states who've said hey if I just borrow
conventionally like instead of doing the
SBA loan if I just got a line of credit
on my house for example uh I can borrow
cheaper and all my same assets are at
risk or maybe it's it's even more secure
because they just have to pledge that
one asset their house so so if you are
looking at expanding your deal making
tool chest pay attention because we're
going to be talking about this so I dug
through some of my past trainings and
presentations and I dug out this slide
that I put together and modified a
little bit for a presentation that I did
last year uh in charlott town Prince
Edward Island so on the screen for those
that are listening I've got two
different columns one on the left one on
the right and the column on the left if
you want to imagine sort of Lego bricks
stacked on top of each other it gives
basically describes the stuff you need
for a business when you are acquired ing
a business so we can divide what is
required to make a business function
into three broad categories so there's
capital or fixed assets so these are
Vehicles Machinery real estate shelving
cash registers all that stuff that you
need to make your business function so
that's one big block and this is these
are the tangible assets above that we
have a category called operating Capital
so this is Cash accounts receivable
inventory that you may require to make
the business go and then on top of that
we've got something called Goodwill uh
which is simply the difference between
the price you're willing to pay for a
business and those tangible things that
you can put your hands on so when you
make a deal for a business you are going
to end up with a a business entity
whether you do a share or an asset sale
you're going to end up with an entity
that is ready to function that will
include all three of these things your
deal specifically with the seller may
not include all those things so you
might just be getting the capital and
fixed assets and the inventory and the
Goodwill you may not be getting the cash
and the accounts receivable it doesn't
matter you're still going to have to
inject extra Capital into the deal so it
doesn't matter who you give the money to
it doesn't matter if you give the money
to the seller or you put the money into
your own new entity this is all the
investment okay the investment for
getting into business so then the next
question is how do you fund the
investment and that is what is described
on the right hand side of the screen
here so similarly we've got another
stack of blocks but there are four
blocks and you will notice that the
bottom block says leases mortgages and
loans and that block if you look
directly opposite on the Le hand side is
related to the capital and fixed asset
block so usually if you're going to buy
Machinery equipment real EST State Etc
Bankers are going to look at those
assets and they're going to express an
opinion usually as a percentage of the
value of those assets that they're
willing to lend so a banker might say
we're willing to lend 90% of a
building's value or we're willing to
lend 75% of equipment value or or
whatever their rule happens to be
whether or not they're using any of
these government guarantee programs that
I've just mentioned um even you know I
talked at length the guy with a lot of
experience in business in Peru and he
was telling me that he knew what his
Banker would do in Peru and so there was
a certain percentage of the value of
these tangible assets that the bank
would lend against uh just because of
the bank's you know security risk uh
understanding Etc so we had a good
profitable business but they still
wouldn't lend him for example more than
75% of what a a vehicle or a truck might
be worth so so that leases mortgages and
Loans block is the first block and it's
related to these capital or fixed assets
and so that's the first part of building
your stack of financing this is you know
people talk about Capital stacks and how
your balance sheet is organized that's
what we're doing right here this is
directly related to that so the first
block leases mortgages and Loans things
you can get from bank this is the
cheapest form of capital the cheapest
form of Leverage and you are going to
get this from you know institutional
lenders or leasing companies and it's
going to be related to the value of
those fixed assets the next block above
that is skinnier it says revolving
credit and so this would be credit cards
lines of credit you know that kind of
thing and it is related to the second
block on the left which is the operating
Capital block so remember operating
capital is made up of cash you might
have in the bank accounts receivable and
inventory well if the business is solid
enough and has a good enough track
record and if uh certain conditions are
met like if your accounts receivable is
all fairly good it's all within 30 days
uh or U your inventory meets certain
tests like it is what we call fungible
inventory uh meaning that it's not going
to go bad it's not going to go out of
style it's not going to rot uh and that
it is pretty you know consistent in the
industry so I I always like to use the
the example of 2x4s at a lumber yard
versus ladies dresses right so a 2x4 is
a 2X four and if you ever went out of
business those 2x4s would be bought by
any other lumber yard and put on their
lot uh and they're they're just as good
as any other 2x4 versus the ladies dress
where you've got a variety of sizes the
most popular sizes are going to sell
first and then at the end of the season
they're no longer in style or or what
have you and so that's a poor example of
a kind of inventory someone who's going
to lend money against uh a bank anyway
right so so we have this revolving
credit block which is the small thin
block so depending on what the operating
Capital needs of your business are going
to be you may qualify for some of these
operating uh or revolving credit
facilities the third block above that uh
says your Cal right so this is the money
that you are bringing to the table and
um this is your skin in the game this is
literally the equity right so if you
think about your balance sheet this is
owner's contribution now own
contribution doesn't necessarily mean
the entrepreneurs contribution so don't
get all in a knot and say I'm going to
get investers or whatever like that
would be in there in your cash so
whether it's you or you and your buddies
or you and your dad or you and your
investors it is the business owners cash
that is being put in and this is what
you know gives the bankers confidence
that you are committed to this deal and
that you're going to make this work the
last block at the very top is the seller
financing now I want you to observe that
the seller financing block is just a
little bit bigger than the block it
corresponds with over on the left which
is the Goodwill block okay so
because Bankers are only going to want
to lend a certain percentage of fixed
assets the the leases and Loans block is
going to be shorter than the fixed asset
block because they'll only ever lend you
a percentage of account receivable in a
percentage of inventory the revolving
credit block is always going to be
smaller than the operating Capital block
and your cash is sort of the the the
mortar that fits between these blocks
that helps them add up but the seller if
they've got a profitable business that
they've delivered and they've convinced
you that the business is worth more than
the value of the tangible assets within
the business basically they've said look
my thing is worth more than just the
stuff because it's awesome and it
produces the cash flow and if you buy
this business it's going to do the same
thing for you well that Goodwill
component the
intangible aspect of this business uh we
want the seller to finance that and
probably even a little bit more than
what that number is right so that's kind
of a a bare minimum so this deal that is
being portrayed here um this is sort of
a deal that describes a business that
has a bunch of equipment and inventory
and a little bit of Goodwill if we were
looking at a service business like if we
were looking at a made service that
owned a couple of little cars and some
vacuum cleaners and we would want that
Goodwill uh or sorry rather the Goodwill
block would be a much larger proportion
on the leftand side and so we would want
the seller financing to be much much
bigger than what we see here uh and and
just because we can't get the financing
from traditional lenders uh because
they're just aren't these tangible
things to put their hands on
so in the on the right hand side there
um you know I kind of tried to make the
your cash part be about a quarter of
what is there because what I've learned
over the course of my career is that in
a lot of different places and a lot of
different countries I've talked to
people all over the world um when there
are no government guarantees involved
Bankers seem to default to a certain
threshold of risk appetite and that
certain threshold seems to be a three
to1 de equity ratio which means that
they like to see the entrepreneur or the
owners of the business have about a
minimum of 25% of their own Equity now
if you're buying real estate as part of
your deal that could change because some
of them will go further with credit
against Real Estate than they will with
other assets but in the overall picture
they often like to see about a 25%
Equity position uh which means 3 to1
debt to equity ratio um and so so that's
it like that's the formula now if
there's no Bank involved right let me
hide this for a second I want to go back
to full screen so if there is no Bank
involved like all the rules that you
just saw on that slide were based upon
what Bankers are willing to do and if
you are not using a bank all of those
rules I just said to you about debt to
equity ratio and how you know certain
things or a certain percentage of the
other block on the other side all that
kind of thing all that just goes out the
window right if if there's no Bank
involved there's nobody then dictating
what you can and can't do and what the
balance sheet of the company has to look
like and so what does that mean well you
know if you could for example say to a
seller I'm put 10% down and you finance
the other 90% like if the seller is
agreeable to that then yeah you can go
ahead and do the deal um and and Deals
do happen like that uh usually not for
the best businesses right because if
somebody's got a really good solid cash
flowing business there are usually other
people willing to make offers that are
more palatable to that seller right so
um if you're more curious about uh about
these non-bank deals I would suggest you
check out my 20 22 summer of alternative
financing playlist because I basically
did a whole summer series about
alternative financing and uh the the
danger of course with those is that
alternative financing opportunities tend
to have higher costs attached to them
and so I have seen people successfully
do acquisition deals where they've
patched together a whole network of
these different alternative financings u
in in a in a Band-Aid or tape solution
to do the deal and a lot of these
Solutions tend to be shorter
amortization periods and higher costs
and the issue that they run into of
course is that they just end up in this
really tight cash flow position if their
deal cash flows at all and I've seen
people do deals that didn't cash flow
because they were so eager to get the
deal done that they they didn't take
care of what I call the day two problem
so I hope that uh that this answers your
question uh funky bro
and I hope that uh everyone else got to
take something valuable out of this
because uh deals are done like this all
the time and uh I will you know I
understand fully about the the whole
attitude or the the comment that funky
bro said about how all he seems to hear
about is these SBA deals um just
remember when you're listening to Social
Media there is a couple of things going
on uh number one there are people that
make their living doing SBA Loans
and so they're out there like trying to
create conversations about it because it
it's how they promote themselves they're
trying to drum up business I mean I've
had guests on my own channel here uh in
live streams who are SBA uh funding
people and and that's their job is to is
to get people into that Loan program the
the other thing that is alluring about
it is because they offer such high uh
loan to value amounts such high degrees
of
Leverage without a changing cost right
and talked about this before where
nowhere else in the world would you be
able to finance a b a deal 50% at a
certain price and then Finance it at 90%
at the same cost of Interest right so
there there's an inherent subsidy there
which really causes the return on Equity
to get jacked up and that makes for
exciting and interesting deal stories
right so so yes you can hear a lot of
really great stories about people that
do these deals the successes they have
the the other thing I want to point out
is that there's a serious issue of
survivorship bias in online content
meaning that people that do deals and
then fail miserably usually don't then
appear on podcast to talk about their
story right and and but I get to meet
them because they reach out to me and
they ask me for help sometimes about you
know how do I navigate this terrible
situation I'm in so
so be careful with your deal making I
mean one of the things that I like about
sort of conventional or this sort of
normal deal structure uh is that it does
bring discipline it forces you to have
more Equity that usually means that you
are in a better cash flow position uh
because your debts are more manageable
you've got less leverage on the business
and that's why the banks are willing to
do them right is because the Bank's
number one concern there are there are
three levels of assurance when a bank
makes a loan the first level of
assurance is just that the business is a
profitable business that cash flows that
can afford to make the debt payments
right and so the bank wants to make sure
that that is going to be a successful
path to repayment the second degree of
assurance is your personal guarantee
which oftentimes is linked to the
business too because if the business
can't make enough money to pay you a
reasonable salary then you're going to
stop paying yourself a salary and you're
going to get into more debt personally
which is going to erode the value of a
personal guarantee and the third level
of insurance is the collateral right and
and the banks don't want to come and
take your used delivery truck and try to
auction it off and repay part of the
loan because they know that that's a
losing proposition every time that's
their like last line of defense what
they want is they want to make sure that
they're setting you up for Success so
that they can then have a successful
performing loan that they get to earn
interest on and make money on right
without ever having to sue you for your
personal guarantee or go collect
collateral so so I've I I like to say
that uh you know and I'll put another
caveat on this if the bank is one that
holds its loans then a bank being uh
willing to finance your deal is often a
sign that they see it as a as a good
deal a bank that sells its loans they
just originate uh you know they may not
have the same interests anyway I I hope
that was an informative video If you
think I'm not sir you think I'm crazy or
you got a different point of view please
in the comments down below uh put
something uh if you want to help the
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that's great content put a comment down
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put a comment because it it demonstrates
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it or not leave an honest review uh
because it helps everyone down the road
uh understand if it's a good uh good
opportunity and if you want to learn
more about putting these deals together
you know the Big Mama Jama the big
solution the the way to improve your
skills is of course to head over to
business buy advantage.com and do the
online training there uh newly expanded
this year with a couple of modules and
another one on the way um and uh anyone
who signs up at any point always gets
access to any future modules that are
added so with that I'll say thank you
very much and uh we'll see you next
time there so how can you learn more
about buying selling financing and
managing small and medium-sized
businesses easy go over to my blog site
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